Unification Foundation, the team of developers behind Shiba Inu’s [SHIB] Layer 2 solution, Shibarium, announced on 24 June that a public beta is planned for deployment in the third quarter of 2022.
Through a proposal published on 19 June, the Shiba Inu ecosystem asked community members to vote on whether or not to halt further minting of BONE tokens upon reaching 230 million tokens.
Shibarium would use BONE as a transactional conduit as per the proposal. It would also be a cost necessary token on the Shibarium network. Furthermore, validators on the network would receive BONE tokens. Validator roles and sequences would require a safeguarding amount of 20 million BONE. The team also noted that the total number of BONE tokens would need to be capped to retain value. Hence, the proposal.
In another announcement by the Shiba Inu ecosystem, members were informed that 97.88% of members voted in favor of halting all BONE farming upon reaching 230 million minted BONE token assets to save and secure the remaining 20 million minted token assets for Shibarium validators.
But what exactly is the purpose of the BONE token?
ShibaSwap, Shiba Inu’s decentralized exchange, was in need of a governance token that led to the inception of BONE. The token was developed to allow members to vote on proposals within the community. The proposal also states the BONE token “is set to become the ‘gas’ of the Shibarium protocol. This ‘gas’ will provide the necessary functionality to process/execute smart contracts and transactions.”
Shibarium protocol would use BONE to facilitate payment for transactions. Furthermore, validators on the protocol would be rewarded in BONE tokens. These tokens would be proportional to the initial amount of tokens staked
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